American Røkke shipyards went from minus to plus after Coronavirus support

Kjell Inge RøkkeFornebu.Kjell Inge Røkke.Photo: Lise Åserud / NTB scanpix

The Røkke-controlled Philly Shipyard, based in Philadelphia, USA, suffered a solid deficit in the first quarter but was saved by state Coronavirus relief.

The yard, which is listed on the Oslo Stock Exchange and is controlled by Kjell Inge Røkke and the company Aker Capital with a 56.57 percent interest, was at a loss of NOK 78 million in the first quarter of this year, writes Dagens Næringsliv. The yard had revenue of 77 million from some maintenance assignments, but fixed costs amounted to almost twice as much.

However, the US crisis package passed in Congress to meet the Coronavirus crisis in March gave the yard the opportunity to apply for tax refunds from previous years. This has triggered a repayment of NOK 153 million for the yard. As a result, the quarterly profit after tax was NOK 76 million.

In early April, the yard also won a major contract to build two ships for US authorities.

© NTB Scanpix / #Norway Today


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